Top 4 Myths about Accounting & Bookkeeping and The Truth Behind Them

When it comes to ensuring the success of your business, paying extra attention to your accounting and bookkeeping is vital. Keeping the record of all your financial transaction is a must irrespective of the size of your business. The right financial transaction record helps you to minimize the chances of getting audited by CRA and tracks the flow of money. Apart from this, a CPA in Santa Monica helps in managing the overall tax and accounting work at an affordable price.

Despite the crucial roles a CPA plays in any business, most business owners ignore the importance of hiring an accountant. There are a number of reasons people don’t outsource their work or hire a CPA Santa Monica. The most common reason is the myths related to accounting. Below we have debunked a few myths about accounting and bookkeeping services.

Myth 1

Accounting and bookkeeping services are expensive.

The very first myth that people believe about accounting and bookkeeping is, hiring a CPA Santa Monica for accounting and bookkeeping services are expensive. This is not true. In fact, an accountant can help you save your money as well as your time with efficient accounting and bookkeeping services.

Myth 2

Small businesses do not require an accountant.

If you did not hire a professional CPA Santa Monica only because you own a small business, you are not right. The necessity of efficient accounting services is vital for every business, be it big or small. An accountant can do all the tax and accounting works on behalf of you and help you in your business growth. Since your tax and accounting work is being managed efficiently by an expert, you can invest this time in some more productive work.

Myth 3

Security will be violated.

People often think that outsourcing their accounting work might violate their private information and security. But this is not true. A professional tax and accounting firm never disclose your confidentiality at any cost. They are bound to maintain the privacy policy. So, you don’t need to be worried that confidential data will be disclosed if you outsource it.

Myth 4

If the tax return is prepared professionally, I will not be audited by the CRA.

This is true that having tax return professionally might minimize the chance of being audited. But there is no guarantee that CRA will not audit your tax return. They can audit anyone. However, by hiring a CPA Santa Monica, you can be ensured that the CRA correspondence will get the accurate answer if they audit you.

These are the top 4 myths that we have debunked here. If you have anything in your mind, please feel free to reply us back.